Expert Insights

Perspectives

Welcome to the Perspectives, sponsored by Ernst & Young LLP. This panel series discusses a wide range of financial management topics and trends effecting federal agencies today. Visit our different discussions below and continue to check back as we add new discussions.

Government agencies are facing increasing pressure to find ways to reduce cost in the wake of decreasing budgets. At the same time, government is being asked to maintain and indeed increase their level of service and responsibility. This category management approach also takes into consideration factors such a total cost of ownership, supplier relationship management and demand management, and allowing the buying entity to make the most informed decision possible.

The Chief Financial Officers Act requires all Federal agencies to produce a clean financial statement on their budgets. The 2017 deadline for the military services is still four years away, and the Marines entered 2014 as the first to reach that milestone. Federal leaders face expanding mission requirements and shrinking resources, and internal controls and robust management are the necessary underpinnings of success.

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